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Day: June 7, 2019
June 72019
Canadian Dollar Rallies After Good Jobs Data
The Canadian dollar rallied today after the release of domestic employment data. The currency logged especially big gains versus its US counterpart as US jobs data was far worse than the Canadian one. Statistics Canada reported that the number of employed people rose by 27,700 in May from April. That was a far bigger increase than 5,000 predicted by experts. And while it was nowhere near the huge 106,500 […]
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June 72019
Euro Falls on Weak German Data, Rallies to 10-Week High on US NFP
The euro today rallied to 10-week highs against the US dollar following the release of disappointing US non-farm payrolls report in the early American session. The EUR/USD currency pair had traded sideways for most of today’s session following the release of weak German data in the early European session before the spike higher. The EUR/USD currency pair today rallied from a session low of 1.1251 to a multi-week high of 1.1340 after the release of the non-farm payrolls report […]
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June 72019
US Dollar Slumps on Disappointing May Jobs Report
The US dollar slumped at the end of the trading week, driven by a weaker-than-expected May jobs report and stagnant wage growth that signaled a slowing economy. Should the trend continue, then it might prompt the Federal Reserve to cut interest rates to spur economic growth, which the market is already betting will happen as early as next month. According to the Bureau of Labor Statistics (BLS), the US economy created just 75,000 new jobs […]
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June 72019
Japanese Yen Soft, Domestic Data Doesn’t Help
The Japanese yen was largely soft today as market participants felt no need for safety provided by the currency. Domestic macroeconomic data did nothing to help the currency. Average cash earnings fell 0.1% in April, year-on-year. While not a good reading by itself, it was still a better result than a drop by 0.7% predicted by analysts and the 1.3% decline registered in March (though it itself got a positive revision from the 1.9% […]
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June 72019
Aussie Mixed After Poor Domestic Macroeconomic Data
The Australian dollar was mixed today, falling against some currencies, staying flat against others, but also managing to gain on the Swiss franc. Domestic macroeconomic reports released over the trading session were detrimental to the currency. The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index dropped to 40.4 in May (seasonally adjusted) from 42.6 in April. The figure below the neutral 50.0 levels indicates that the sector was […]
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June 72019
AUD/USD Might Prepare for a New Descent
The Australian dollar versus the US dollar is just in the right spot for the bears to begin a new descent. Long-term perspective It seems like the price is in a well defined resistance zone and in a well suited shape for a move to the south to occur. The resistance zone is etched by the trendline projected after uniting the highs of February 16, 2018, and December 3, 2018, respectively, and by the area confined to 0.7055 and 0.7013. To this, a bearish pattern adds — a bearish […]
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June 72019
EUR/USD Surges After Nonfarm Payrolls Provide Huge Disappointment
EUR/USD surged today after US nonfarm payrolls came out and turned out to be hugely disappointing. Employment growth was far below expectations and wage inflation missed forecasts as well. Only the unemployment rate matched predictions. US nonfarm payrolls rose by 75k in May versus 177k predicted by experts. Furthermore, the April increase got a negative revision from 263k to 224k. Unemployment rate remained unchanged at 3.6%, as was […]
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